Vodafone group service revenue drops amid increasing competition in Europe

  • Updated: July 19, 2013 - 3:30 AM

LONDON — Vodafone, one of the world's largest mobile phone companies. is reporting that its revenues declined 3.5 percent to 10.2 billion pounds ($15.5 billion) amid increasing competition in many parts of Europe.

The British wireless provider that is thought to be mulling options for its 45 percent stake in the U.S.'s Verizon Wireless, said Friday that regulation, competitive pressures and the weakness of the economies in southern Europe weighed on its revenues.

Chief Executive Vittorio Colao says the company is looking to the proposed acquisition of Germany's biggest cable operator to create a platform for a "unified communications strategy in our most important market."

Vodafone has had preliminary discussions with Kabel Deutschland, which has more than 8 million customers. The move would signal a move into fixed-line TV and telephone services.

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